Axos Bank Provides $7.75M Refinance Loan To Mohammed Naeem For Retail Asset In Brooklyn
948 Myrtle Avenue
$7,750,000
Building Size
—
Asset Type
Retail
Closing
Feb 5, 2026
About this deal
AI
The asset involved in this transaction is a retail property located at 948 Myrtle Avenue in Brooklyn. The loan amount secured for this property is $7,750,000, and the type of loan is a refinance.
Summary of transaction details:
- Property Type: Retail
- Transaction Amount: $7,750,000
- Lender: Axos Bank
- Landlord: Mohammed Naeem
- Brokers: David Bollag & James Darling - Meridian Capital Group
- Date: 2/5/2026
The key individuals involved in this transaction include David Bollag and James Darling, who are representatives from Meridian Capital Group, facilitating the refinancing process for the landlord, Mohammed Naeem.
On the Map
$7,750,000
Retail
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Players
Brooklyn Retail Market Snapshot
Boundary boundary · Retail · Loan transactions
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
2.05%
Cash-on-Cash
-0.58%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93